55 North Mining Inc. Announces Signing of Exploration Agreement with The Marcel Colomb First Nation Band
55 North Mining Inc. Announces Signing of Exploration Agreement with The Marcel
Colomb First Nation Band
Toronto, Ontario – May 16, 2023 - 55 North Mining Inc. (“55 North” or the “Company”) is
pleased to announce that the Company and Marcel Colomb First Nations (MCFN) have signed
an Exploration Agreement (“the Agreement”) outlining a framework for collaboration on the
proposed exploration of the Last Hope Gold Project in Lynn Lake, Manitoba.
The Agreement details how the two parties will work together to progress ongoing exploration
activity at the Last Hope Gold Project, which lies within the MCFN Traditional Territory in the
Lynn Lake area of Manitoba.
MCFN Chief, Christopher Colomb, said, "We are in full support of the Last Hope Gold Project
moving ahead”.
55 North CEO, Bruce Reid, said, “the landmark Agreement is an important step forward in our
long-standing relationship with the MCFN Band. We look forward to working closely with MCFN
to advance our high-grade Last Hope Gold Project.”
About The Last Hope Gold Project
Since 2017, 55 North Mining Inc. has spent over $5 Million on exploration and community relations
at its Last Hope Property. A previous diamond drill program consisting of 11,653 m in 29 holes
was conducted in 2020 and 2021. Step -out drilling extended the strike length of the gold
mineralization to approximately 1.2 km.
The Phase 2 drill program was completed was in 2020. Drill results from that program included
LH-20-08 which returned 19.25 g/t over 15.7 m. Currently, the Last Hope Gold Project hosts an
Indicated mineral resource of 408,300 tonnes grading 5.41 g/t Au for 71,100 ounces of gold, and
an Inferred resource of 1,553,000 tonnes grading 5.48 g/t Au for 273,800 ounces of gold.
The Last Hope Property has the potential to define additional Mineral Resources and expand the
Mineral Resource area. The Company has planned a Phase 3 drill program. The Phase 3 drill
program will comprise of 9,500 m of drilling in 25 holes as a follow u p to the 2020-2021 drill
program. This program will target possible mineralization for an additional 500 m along strike to
the southeast of the present Mineral Resource at a vertical depth of approximately 550 m.
About 55 North Mining Inc.
55 North Mining Inc. is an exploration and development company advancing its high-grade Last
Hope Gold Project located in Manitoba, Canada.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Bruce Reid
Chief Executive Officer, Director
55 North Mining Inc.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of 55 North contains statements that constitute “forward-looking statements.”
Such forward-looking statements involve known and unknown risks, uncertainties and other
factors that may cause the Company’s actual results, performance or achievements, or
developments in the industry to differ materially from the anticipated results, performance or
achievements expressed or implied by such forward-looking statements.